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tensions run high at the opec meeting. the eoe says there must be a response to the oil market that's oversupplied: >> we're, of course, concerned that there will be a certain level of overproduction over the next 18 month or so if the production continues. >>> italy likely to see a strong uptick at the first bond auction after mario monti announced his intention to step down. >>> the international community blast north korea after it successfully launches a long-range rocket prompting an emergency u.n. security council meeting. >>> employment numbers out of the u.k. look strongerment remembe-- stronger. we thought there might be wider unemployment it fall. the claiming count actually down 3,000. the polls forecasting the number of people claiming unemployment benefits to rise. the jobless number down by 82,000 in the last three months through october. the rate 7.8. the employment up by another 40,000 to 29.601 million. the yen another highest on record. still no pressure from wages, average weekly earnings 1.8%. the annua
tensions run high at the opec meeting. the eoe says there must be a response to the oil market that's oversupplied: >> we're, of course, concerned that there will be a certain level of overproduction over the next 18 month or so if the production continues. >>> italy likely to see a strong uptick at the first bond auction after mario monti announced his intention to step down. >>> the international community blast north korea after it successfully launches a long-range...
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i believe al-naimi is such a good representative of opec. he came out back in april when prices were running up and showed his frustration and said look, we need to get prices down. saudi arabia is the lynchpin of opec. they have spare capacity. they already have the production levels there that they can put onto the market. so that is what he did back in april. that is what kept prices down. he did a successful job there assad saud did. and they just really highlighted they're really in control. that is why you have seen -- go on. melissa: the other side has gotten really aggressive. we saw at the last meeting, rafael ramirez, representative from venezuela getting up talking about the fact they have more proven reserves than saudi arabia. saying they're a bigger oil giant. they brought studies from bp along to back the claim. if you look at opec's website now, they recognize venezuela being on top even though their production really lacks, but, you know, is the thooid turning inside opec? >> that is exactly the point there you made, melissa
i believe al-naimi is such a good representative of opec. he came out back in april when prices were running up and showed his frustration and said look, we need to get prices down. saudi arabia is the lynchpin of opec. they have spare capacity. they already have the production levels there that they can put onto the market. so that is what he did back in april. that is what kept prices down. he did a successful job there assad saud did. and they just really highlighted they're really in...
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and the saudis don't want an iranian in charge of opec. the saudis have had to put forward their own man, as well, to replace him. is there going to be a delay? i spoke toal badri. listen to what he had to say about that and oil prices. >> do not jump to conclusion. let us -- let us hear what the conference will say. >> in terms of the oil price, sir. appears ostensibly everyone's happy with the current price. would you say the storm clouds are brewing in terms of levels of inventories, the amount of supply needed from opec compared to what it's currently pumping? >> when you look at the political situation, the situation in the united states, the fiscal cliff, you look at a lot of factors, there are really -- they contradict each other. i don't know where the price will go up or go down. i think the price will stay the same for next year. i don't think the price will come down. yes, there is some -- maybe 59, maybe 30 million dollars day, five-year average. and that's 30 million barrel only, the five-year average, as far as the stock is c
and the saudis don't want an iranian in charge of opec. the saudis have had to put forward their own man, as well, to replace him. is there going to be a delay? i spoke toal badri. listen to what he had to say about that and oil prices. >> do not jump to conclusion. let us -- let us hear what the conference will say. >> in terms of the oil price, sir. appears ostensibly everyone's happy with the current price. would you say the storm clouds are brewing in terms of levels of...
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Dec 4, 2012
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basically, opec countries. these countries, in my opinion, have been very cooperative. libya, kuwait, uae. they have all helped us contained iran. they have some connection with an 9/11. our relationship with these countries have been very good. >> i think it has been said what you said in your first point. the fact that we may reduce the amount of oil we import, it does not decouple was from the world oil market. canada and norway are both exporters, but their citizens pay of the market price for a gallon of gasoline. we said exactly what you said on your first point. on your second point, the opec nations in being friends of the united states, i think the answer to that is that both sides have had a relationship that has been economically necessary, but i do not think the opec cartel conducts its affairs in a way to benefit the united states of america. they conduct their affairs so that they do not kill the goose that laid the golden egg. if you turn into the record on pages 8 and 9, you're asking for some visual clues as to what's going on here. if you look on page
basically, opec countries. these countries, in my opinion, have been very cooperative. libya, kuwait, uae. they have all helped us contained iran. they have some connection with an 9/11. our relationship with these countries have been very good. >> i think it has been said what you said in your first point. the fact that we may reduce the amount of oil we import, it does not decouple was from the world oil market. canada and norway are both exporters, but their citizens pay of the market...
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Dec 13, 2012
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i mean the more domestic supply we have, the less we depend on opec ps of the world, no question. the problem we have as the world though, 92 million barrels a day roughly what the production is. that is about a million barrels a day of excess capacity. so any little flare-up in the middle east will impact world oil prices. ashley: so do you think we'll be energy independent anytime soon? we're almost there. >> yeah. i think by "20/20" -- 2020 we have legitimate chance between all the natural gas we're bringing on and oil we're bringing on, on energy equivalent basis we'll be independent. we'll be importing oil and exporting gas as lng, very good, interesting stuff. john shiller, chairman of energy defend one. john, thank you so much. we appreciate it. >> thank you for having us. tracy: you make a great point, saudi arabia will not be very happy about our quest for independence. ashley: that is real threat to them. tracy: big-time. is the federal reserve stimulus actually bad for investors? yeah, one major bank says yes. liz macdonald back and on the story. ashley: but first let's
i mean the more domestic supply we have, the less we depend on opec ps of the world, no question. the problem we have as the world though, 92 million barrels a day roughly what the production is. that is about a million barrels a day of excess capacity. so any little flare-up in the middle east will impact world oil prices. ashley: so do you think we'll be energy independent anytime soon? we're almost there. >> yeah. i think by "20/20" -- 2020 we have legitimate chance between...
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Dec 8, 2012
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this chart shows the comparative growth in crude oil supply among a number of non-opec countries. you see the u.s. obliterating the rest of the world. employment des moinin oil and gd to the highest level in 1992. we still provide a tiny sliver just under 200,000. the net oil imports are craters and a now a number of analysts predict in the near future the u.s. is producing more oil than any other country in the world. by round 2020 a recent international agency reports that the u.s. is predicted to become the largest oil producer and starts to see the impact of new fuel efficiency measures and transport. it results in a continued fall in u.s. imports to the extend that north america is a net oil exporter around 2030. yes, that's right. the united states, which is according to the spokes people from the coal industry already the saudi arabia of coal, which is now essentially tied with russia as the single largest producer of natural gas in the world could find itself the world's biggest oil producer on a consistent basis for the first time since the first half of the 20th century.
this chart shows the comparative growth in crude oil supply among a number of non-opec countries. you see the u.s. obliterating the rest of the world. employment des moinin oil and gd to the highest level in 1992. we still provide a tiny sliver just under 200,000. the net oil imports are craters and a now a number of analysts predict in the near future the u.s. is producing more oil than any other country in the world. by round 2020 a recent international agency reports that the u.s. is...
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Dec 7, 2012
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also what's going to happen with the fed meeting and an opec meeting on wednesday. back to you. >> sharon, thank you so much for that. bob pisani is here at post 9. i'm sure you're going to talk about market action as it relates to what the speaker said a few moments ago. >> did you watch john boehner the speaker of the house? normally coolool and collected. looking a littles by frustrated. two-sentence answers. a little unusual for the speaker of the house and sort of very brusque and basically walked off on the press conference very quickly. good reason to be frustrated. let me give you some of the highlights of what a lot of people are talking about here. forget everything. don't go over the fiscal cliff but pass a simple tax bill. what would it entail? expend the tax cuts to those making under $250,000. increase taxes on dividends and capital gains to 23.6%. number three, know estate tax, payroll tax cut, unemployment benefits extension. basically strip everything out. no delay in sequestration. does this look like it would satisfy wall street? i don't think so.
also what's going to happen with the fed meeting and an opec meeting on wednesday. back to you. >> sharon, thank you so much for that. bob pisani is here at post 9. i'm sure you're going to talk about market action as it relates to what the speaker said a few moments ago. >> did you watch john boehner the speaker of the house? normally coolool and collected. looking a littles by frustrated. two-sentence answers. a little unusual for the speaker of the house and sort of very brusque...
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. >> opec and the fed, hey, u.s. production up. let's go to sharon epperson at the nymex. >> oil has really been on the move since the open a few minutes ago. not so much opec, which still packed with the current quota around 30 million barrels per day, it is producing more than that. but we are hearing, of course, from opec itself that saudi arabia has reduced its production in november to the lowest level in a year. so that seems to be a way that they will adhere closer to the current quota. we're also looking at the latest report from the international energy agency which may have more of an impact where oil prices are going in this session. they're looking for slightly demand in 2013. and they're pointing to china for the reason. we're anticipating we'll get the report from the energy department at 10:30 a.m. on oil supplies. the expectation is for a slight decline in food supplies. but we did see a major build in the industry report, if that is confirmed we could see these gains short-lived. back to you. >> all right. thank yo
. >> opec and the fed, hey, u.s. production up. let's go to sharon epperson at the nymex. >> oil has really been on the move since the open a few minutes ago. not so much opec, which still packed with the current quota around 30 million barrels per day, it is producing more than that. but we are hearing, of course, from opec itself that saudi arabia has reduced its production in november to the lowest level in a year. so that seems to be a way that they will adhere closer to the...
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opec ministers are in vienna. >> why vienna, by the way? >> i don't know why they originally set it there, but it seems like as good a place as any. have you been? >> i have not been. >> i don't think i've ever been to vienna. i always wondered about that. >> i mean, it's better than meeting in, i don't know, skokie, right? they're expected to retain its 28 million barrel a day output target. but the real drama is likely to be about leadership, the world's leading oil exporters are expected to argue about who should be opec's next secretary general and we have candidates from iran, iraq and saudi ara a arabia. they're all competing to replace the current leader, as you can see there. abdallah salem el badri, he's 72 years old and he's been there for years. i don't know where i've been for five years, but did you know -- >> i apologize in advance. i didn't. >> you could have said you did and we've been best friends, in fact. >> he's completely changed the entire operation. anyway, did a great job. >> in global market news this morning, stock
opec ministers are in vienna. >> why vienna, by the way? >> i don't know why they originally set it there, but it seems like as good a place as any. have you been? >> i have not been. >> i don't think i've ever been to vienna. i always wondered about that. >> i mean, it's better than meeting in, i don't know, skokie, right? they're expected to retain its 28 million barrel a day output target. but the real drama is likely to be about leadership, the world's leading...
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but we're also waiting to see what happens in vienna with the opec meeting. in addition to the fed that comes out tomorrow. the expectation is, that opec will leave their current quota unchanged, around 30 million barrels per day. the actual production, around 31 million barrels a day. there may not be any change to that. the key will be what happens in terms of the election of a new secretary-general and saudi arabia in the running for that as well. back to you. >> thanks very much, sharon epperson. i did want to look at shares of largest for-profit hospital in the country. a secondary offering this morning. hga finds itself in the of so many movements of the capital structure, reflective of the 250i78s. don't forget, they borrow at incredibly low rates not long ago, $1 billion, to pay a special dividend. you want to pay a special dividend prior to any tax increase on dividends as well. capital gains figuring into that debate, let's call it at this point that we've been detailing down in d.c. with our "mission critical" coverage. this morning, two of the own
but we're also waiting to see what happens in vienna with the opec meeting. in addition to the fed that comes out tomorrow. the expectation is, that opec will leave their current quota unchanged, around 30 million barrels per day. the actual production, around 31 million barrels a day. there may not be any change to that. the key will be what happens in terms of the election of a new secretary-general and saudi arabia in the running for that as well. back to you. >> thanks very much,...
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Dec 5, 2012
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you have non-opec demand growing, global demand slowing, it's not snowing, and down is where we're going. the next big data point is probably the iaea report in february. and if that implicates more progress toward an iranian bomb, there's significant risk to look to the upside. in the meantime, you have a lot of other issues beyond the fiscal cliff. debt ceiling issues, if not resolved in the negotiation looming. and relatively long stocks here in the u.s. perhaps the most interesting part, becky, is to look at the convergence between light and heavy grades here in north america. we have a lot of light oil. and we're actually potentially short of heavy oil. so seeing convergence within that downward trend means there could be a bid for heavier. >> you would guess that would certainly hurt demand. >> sure. offsetting weakness in the dollar would lift the crude price based on historical trends, of course. yeah, it would be a significant blow, and when we're looking at 370 plus barrels of commercial inventories, folks are going to freak out. at the end of the year is a de-stocking time. cl
you have non-opec demand growing, global demand slowing, it's not snowing, and down is where we're going. the next big data point is probably the iaea report in february. and if that implicates more progress toward an iranian bomb, there's significant risk to look to the upside. in the meantime, you have a lot of other issues beyond the fiscal cliff. debt ceiling issues, if not resolved in the negotiation looming. and relatively long stocks here in the u.s. perhaps the most interesting part,...